Portfolio Update

Ruffer Investment Company Limited
04 October 2007


                       RUFFER INVESTMENT COMPANY LIMITED

 (a closed-ended investment company incorporated in Guernsey with registration
                                 number 41996)

In accordance with Listing Rule 15.4.11, the Company announces its investments
with a value greater than 5% of the Company's total assets and its 10 largest
investments as at the last business day of September 2007.

Stock                                           Value (£)     % of total
UK (GOVT OF) 4.25% STK 07/03/2011 GBP 100    11,113,860.00       8.70
AUSTRIA (REP OF) 3% BDS 21/8/2009 CHF5000    10,490,010.48       8.21
SWITZERLAND (GOVT) 3.5% BDS 8/4/2033 CHF1000  7,358,724.04       5.76
NORWAY (KINGDOM OF) 5.5% BDS 15/5/2009        7,318,534.37       5.73
NOK1000
UK (GOVT OF) 4.75% STK 07/06/2010 GBP100      6,961,500.00       5.45
NORWAY (KINGDOM OF) 6% BDS 16/5/2011 NOK1000  6,597,616.01       5.16
UK (GOVT OF) 5% STK 07/03/2012 GBP100         6,001,080.00       4.70
SWITZERLAND (GOVT) 4% BDS 08/04/2028 CHF5000  5,685,608.84       4.45
SWITZERLAND (GOVT) 1.75% NTS 05/11/09         5,430,922.37       4.25
CHF1000
LYXOR GOLD BULLION 0% UNDATED NTS USD0.00001  3,603,701.03       2.82

Date: 04 October 2007

Enquiries:

Northern Trust International Fund Administration Services (Guernsey) Limited

Harry Rouillard           44 (0)1481 745315


                      This information is provided by RNS
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